PayPal and FNB

D

DripKing

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Hey. I need help.
I want to unlink my PayPal account from my dad's FNB account and link it to my FNB account. How do I go about doing that?
 
Contacting FNB is probably easier.
Login on web, click your PayPal account, left menu and then revoke.
 
Tried your method and it kept giving me an error. Called FNB and they did it for me. Thanks for responding man
 
i created a paypal account, not sure if i can withdraw with my Nedbank card because i have added it. please anyone to help reply??
 
james2066 said:
i created a paypal account, not sure if i can withdraw with my Nedbank card because i have added it. please anyone to help reply??
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for withdrawals it doesn't really matter which bank account you are withdrawing to because FNB is facilitating it, so as long as FNB can transfer to it, it should be fine (note you'll have to sign up with FNB for an online profile though, no need to open an account with them)

you can't withdraw from PayPal directly to any ZA card, it must go via FNB

the deposit / pay directly from card side via PayPal is more tricky, because that is a direct link between your card and PayPal and PayPal doesn't accept all South African cards, perhaps someone else can confirm if Nedbank cards work for this
 
NarrowBandFtw said:
for withdrawals it doesn't really matter which bank account you are withdrawing to because FNB is facilitating it, so as long as FNB can transfer to it, it should be fine (note you'll have to sign up with FNB for an online profile though, no need to open an account with them)

you can't withdraw from PayPal directly to any ZA card, it must go via FNB

the deposit / pay directly from card side via PayPal is more tricky, because that is a direct link between your card and PayPal and PayPal doesn't accept all South African cards, perhaps someone else can confirm if Nedbank cards work for this
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This is interesting. I have been wanting to leave FNB for a while now but one of my main motivations was Paypal. I do some international work and get paid via Paypal. So how would it work if I moved to Standard Bank and cancelled my cheque account with FNB? Does the Paypal account stay on my profile? And how would I withdraw funds to my Standard Bank account from Paypal?
 
chrisdarden said:
This is interesting. I have been wanting to leave FNB for a while now but one of my main motivations was Paypal. I do some international work and get paid via Paypal. So how would it work if I moved to Standard Bank and cancelled my cheque account with FNB? Does the Paypal account stay on my profile? And how would I withdraw funds to my Standard Bank account from Paypal?
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Not sure how the migration would work, at the time I signed up for FNB I did not have an FNB account at all (and still don't) so I only know how it works for a new signup, which goes something like:
- you go to an FNB branch and tell them you want PayPal services and need to sign up for an online profile, but you already have a bank account somewhere else and you do not want an FNB account
- they do KYC / FICA checks and try to convince you to sign up for their awesome other offers
- you say no thanks, and once your online profile is active you add your external bank account to PayPal services on FNB, provide proof that you own that account and it's all done

your non-FNB bank account then becomes a beneficiary for PayPal withdrawals on your FNB online profile

for a migration of sorts I suspect you add your non-FNB account to your profile, afterwards you close your FNB cheque account and be sure to tell them you need the online profile to remain open because you use it for PayPal services still ... but you will have to ask someone who's done that or ask FNB
 
NarrowBandFtw said:
Not sure how the migration would work, at the time I signed up for FNB I did not have an FNB account at all (and still don't) so I only know how it works for a new signup, which goes something like:
- you go to an FNB branch and tell them you want PayPal services and need to sign up for an online profile, but you already have a bank account somewhere else and you do not want an FNB account
- they do KYC / FICA checks and try to convince you to sign up for their awesome other offers
- you say no thanks, and once your online profile is active you add your external bank account to PayPal services on FNB, provide proof that you own that account and it's all done

your non-FNB bank account then becomes a beneficiary for PayPal withdrawals on your FNB online profile

for a migration of sorts I suspect you add your non-FNB account to your profile, afterwards you close your FNB cheque account and be sure to tell them you need the online profile to remain open because you use it for PayPal services still ... but you will have to ask someone who's done that or ask FNB
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Thanks for this. I went to my FNB account online and can see the option for "Current Non-FNB Account Details" under Paypay options. Once I have my new account I'll add the details there and get the process started.
 
Alternatively you can trade your paypal for zar on forums. Quite a few guys out there 'buying' paypal usd because it works out much cheaper than paying conversion fees etc on your card. You also get your money much quicker.

Or try mycurrencyexchange.co.za
 
MySoftwareShop said:
Alternatively you can trade your paypal for zar on forums. Quite a few guys out there 'buying' paypal usd because it works out much cheaper than paying conversion fees etc on your card. You also get your money much quicker.

Or try mycurrencyexchange.co.za
Click to expand...

Which forums?
 
I also want to unlink my PayPal since I don't want to have an FNB account any more AND I don't use PayPal any more. Guessing I will need to go to the bank to do that unlinking. Thx for the tip.

Now, for a tip in return... I use this place and that is why I don't use PayPal any more:
https://transferwise.com/invite/u/ryunosukej1
(My referral link is included in the URL. Full disclosure and all that :) )

As mentioned above, the fees make it expensive and FNB makes it slow. Just to recap:
If the exchange rate is 1:15 then the bank will give you 1:14.6, taking 40c (example) to the $. After taking a "conversion fee" they then take a 1.5% commission on what remains (and if I recall correctly, they also take a fee when the money reaches your account). It's ridiculous!

In contrast, with TransferWise, if the exchange rate is 1:15 then you get EXACTLY 1:15. They don't charge you a cent for the conversion. You get EXACTLY the rate it shows on xe.com!

Instead of charging you currency conversion fees, they charge you something like 1% when you transfer the cash out. The rest of your money appears in your bank account within a day or three (where FNB then again takes their deposit fee).

Anyway, do the math... You get 1000 Euro and must pay FNB a % per Euro + a 1.5% commission
In contrast, with TransferWise I pay them 28 Euro and that is that. The rest of your money is yours.

I tried the whole "Sell my $ via the forums"-thing but there you have people you don't know who say they will send you an EFT as soon as your $ arrive in their PayPal account. "Promise". This feels like selling my money on Gumtree and trusting I will get paid by the person after they receive my money in the mail...
I am way too cautious to do that.

Pros:
1. You can open virtual bank accounts, complete with IBAN numbers etc, in GBP, AUD, EUR
2. You can use these accounts like normal bank accounts anywhere you would normally use a bank account
3. Super cheap and very fast to get your money from there to RSA with minimal fees and NO bank charges on currency conversion

Cons:
1. Starting 1 March 2021 SARS now require them to charge us tax on their transaction fee each time they do a transaction for you (i.e. transfer the money to your own account or paying for something on Amazon Japan, you would then pay 15% VAT on that $20 or $10 or whatever they charge you for the transaction) :(
imagine... paying tax to transfer your own money to yourself... Only in South Africa! :(

2. The US doesn't allow South Africans to RECEIVE USD into TransferWise. Once you get your GBP or EUR or whatever you can convert it to USD (currency conversions are free) and then use your USD bank account like normal... you are just not allowed to RECEIVE the USD directly for some reason.

Anyway... check them out. Every month after paying like 10% of my money to FNB in the form of fees and commissions, it just depressed the life out of me... but what are our options?
1. FNB
2. Sell to strangers by giving them your money first then trusting them to pay you afterwards
3. TransferWise (or similar companies)

Definitely much cheaper than working through FNB and well worth it in my books!
 
Last edited:
Has anyone recently made a Paypal withdrawal to FNB successfully? Been trying for 7 hours on both the App version and PC. Since they implemented their new system back in February I get errors all the time, but usually succeed after three attempts. Today it is completely crashed.
 
Spectralwarrior said:
Has anyone recently made a Paypal withdrawal to FNB successfully? Been trying for 7 hours on both the App version and PC. Since they implemented their new system back in February I get errors all the time, but usually succeed after three attempts. Today it is completely crashed.
Click to expand...
not super recently, but it worked fine in early June
 
Hi,
I would like to buy something with my FNB USD global account, but I don't have the full amount, if I remember correctly paypal will use the whole amount in my USD global account and take the rest from my other card?
 
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